China's Stockmarket:
A Work in Progress

By

Matei P. Mihalca

Updated Oct. 8, 2003 12:01 a.m. ET

China's stock market is a subject larger than itself. The subject of both these recent books is, in fact, China's transition from a state planned and dominated economy to one where the private sector plays the leading role. That transition is still underway, and hence China's stock market can only be described as a work in progress. The legal, political, and even moral status of private ownership in China today is still undetermined. Until it is, the preconditions for China's stock market to fulfill its purpose won't be in...